Tax Tips

21 Tax Tips #12 Medical Expenses

If you ever have a period where you or your dependant’s medical costs for the year exceed 3% of your net income (or $2421 minimum in 2021), you can claim your medical expenses for a deduction on income tax.

Many people forget that a major medical expense like laser eye surgery or sessions with a psychotherapist or even regular eyeglasses can be included in medical expenses to increase the amount of deduction in the year that you qualify to make claims

Some surprising purchases can be considered medical expenses, such as:

Air conditioner – $1,000 or 50% of the amount paid for the air conditioner, whichever is less, for a person with a severe chronic ailment, disease, or disorder – prescription needed.

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